UPDATE: Berger reports two Vector employees told him the company laid off all its employees today.
Eric Berger reports that rumors of Jim Cantrell’s departure from the role of CEO at Vector are true amid reports that the launch provider is experiencing financial problems.
A spokeswoman for Vector did not comment [financial problems]. However, she did confirm the company has parted ways with its chief executive: “Jim Cantrell is no longer with Vector effective today. John Garvey has assumed the role of CEO.”
The company has been working on developing its Vector-R vehicle and trying to prepare it for a suborbital flight this summer. In an interview in April, Cantrell told Ars that he hoped to fly an upgraded version, Vector-R B1003, on an orbital flight from the Pacific Spaceport Complex in Alaska before the end of this year. The financial difficulties have reportedly arisen just after Vector received some good news in the form of a launch contract from the US Air Force.
This week, the U.S. Air Force awarded Vector a contract worth $3.4 million to orbit satellites under the Small Rocket Program-Orbital program.